Ballard Power Systems (NASDAQ:BLDP) Trading Up 15.2% – Still a Buy?

Shares of Ballard Power Systems Inc. (NASDAQ:BLDP) (TSE:BLD) shot up 15.2% during mid-day trading on Thursday . The company traded as high as $1.71 and last traded at $1.67. 8,013,773 shares were traded during trading, an increase of 164% from the average session volume of 3,031,557 shares. The stock had previously closed at $1.45.

Analysts Set New Price Targets

Several analysts have issued reports on the stock. National Bankshares dropped their price objective on shares of Ballard Power Systems from $4.00 to $3.00 and set a “sector perform” rating on the stock in a report on Tuesday, August 13th. Truist Financial reduced their price objective on Ballard Power Systems from $3.00 to $2.00 and set a “hold” rating for the company in a research report on Tuesday, August 13th. Hsbc Global Res cut shares of Ballard Power Systems from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, November 6th. CIBC lowered their price objective on Ballard Power Systems from $1.40 to $1.20 and set an “underperformer” rating on the stock in a research note on Wednesday. Finally, HSBC cut Ballard Power Systems from a “buy” rating to a “hold” rating in a research report on Wednesday, November 6th. Six analysts have rated the stock with a sell rating, nine have issued a hold rating and one has assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $2.77.

Ballard Power Systems Price Performance

The company has a fifty day moving average of $1.53 and a 200 day moving average of $2.00. The firm has a market capitalization of $482.07 million, a P/E ratio of -1.46 and a beta of 1.72. The company has a debt-to-equity ratio of 0.03, a current ratio of 9.01 and a quick ratio of 8.19.

Institutional Investors Weigh In On Ballard Power Systems

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in BLDP. TD Asset Management Inc lifted its position in Ballard Power Systems by 1.2% during the second quarter. TD Asset Management Inc now owns 707,953 shares of the technology company’s stock valued at $1,599,000 after purchasing an additional 8,154 shares during the last quarter. Banque Cantonale Vaudoise increased its holdings in Ballard Power Systems by 7.7% during the 3rd quarter. Banque Cantonale Vaudoise now owns 190,433 shares of the technology company’s stock valued at $343,000 after purchasing an additional 13,639 shares during the period. Tidal Investments LLC purchased a new position in shares of Ballard Power Systems during the first quarter valued at approximately $39,000. Daiwa Securities Group Inc. lifted its stake in Ballard Power Systems by 149.7% in the second quarter. Daiwa Securities Group Inc. now owns 24,047 shares of the technology company’s stock worth $54,000 after acquiring an additional 14,415 shares during the period. Finally, First Commonwealth Financial Corp PA bought a new stake in Ballard Power Systems in the third quarter valued at $27,000. 28.02% of the stock is currently owned by institutional investors.

Ballard Power Systems Company Profile

Ballard Power Systems Inc engages in the design, development, manufacture, sale, and service of proton exchange membrane (PEM) fuel cell products. The company offers its products for power product comprising for bus, truck, rail, marine, stationary, and emerging market, such as material handling, off-road, and other applications.